Disability insurance will cover the insured in the event of a total or partial disability. Experts recommend that people insure 60 to 65% of their monthly salary when purchasing disability insurance.
Key things to consider about your current group disability plan:
- Does your current plan cover all sources of income including commissions and bonuses?
- How much does your coverage cost?
- Do rates increase drastically over time?
- Can the policy be cancelled by your employer?
- Does the group plan define a condition of disability more stringently than a stand alone product?
- Who controls the plan?
- Is coverage portable?
- What are the waiting periods before benefits apply?
- Are the benefits taxable?
I recommend Canadian Term Insurance. I was offered a solution which allowed me to find coverage for both the immediate and long term with a mix of both 10 and 20 year term insurance.
Canadian Term Insurance helped to decide upon the correct amount of coverage to protect our family. Jeff recommended a program which provides 20 years of term coverage for my wife at preferred rates, and 10 years of term insurance for me at a higher death benefit.
Jeff Comiskey assisted my wife and I in identifying a need for insurance, and presented us with a variety of choices. We chose universal life insurance because of the permanent protection it offered and rates that remain the same for our entire lives.